Posted by: Karyn McCormack on March 12, 2009

The “week-long feud of the century” kicked off The Daily Show’s March 12 episode with host Jon Stewart flexing his muscles and concluded with a conciliatory friendly handshake with CNBC’s Mad Money host James Cramer. But if this was a friendly make-good appearance intended to follow up on Stewart’s unusually lengthy (8 minutes) and vitriolic take-down of CNBC on March 4 and his follow-up show that focused on Cramer on March 10, there were plenty of hard punches by Stewart, leaving Cramer scrambling to explain himself and his network’s ways.

Before Stewart introduced Cramer, the comedian showed in a set-up piece how he supposedly trained for the interview. Sitting in a mock interrogation room with a bright light shining in his face, Stewart was peppered with questions: How many stocks are in the Dow Jones Industrial average? What is Tier 1 capital? Meanwhile, what was Cramer doing to prepare? He was shown as a guest on the Martha Stewart Show learning how to bake pies. “Don’t you destroy enough dough on your own show?” Stewart joked, after seeing Martha and Cramer slamming rolling pins into pastry dough while invoking Stewart’s name. “How weird is our world that Jim Cramer is on TV baking pie and Martha Stewart is the one who went to jail for securities fraud?” Stewart quipped.

Then Cramer was introduced, appearing as he usually does with a tie and his shirt sleeves rolled up, smiling, ready to rumble. Stewart calmly asked him, how did we get here? Then he launched a barrage of questions that seemed to stagger Cramer. The audience was more quiet than usual, and less boisterous. Comedy Central said the interview ran long and it planned to cut a funny bit about short selling by Samantha Bee (it will be featured on another episode). The entire interview should be available unedited on ComedyCentral.com on Friday.

Stewart’s original beef was with CNBC reporter Rick Santelli’s rant against President Barack Obama’s plan to bail out homeowners who can’t pay their mortgages. “It struck us as bad form for a network that has been cheerleading banks,” Stewart says. “It was ballsy and ignorant.” (Last week, Santelli canceled an appearance on The Daily Show, prompting Stewart to air an episode that brought Cramer and other CNBC talent into the fray. They were shown reporting that banks like Bear Stearns and Lehman Brothers would survive, in the days and weeks leading up to their forced takeover or bankruptcy. That episode was circulated widely the next day throughout the Web.)

In Thursday night’s episode, Stewart showed at least four videos of Cramer talking about short selling and his trading tactics while he was a hedge fund manager. He also chastised him about CNBC reporters who had access to financial executives but didn’t use it to press them about their institutions’ huge problems. “We got a lot of things wrong,” Cramer admitted. “Our real sin was we to believe [the market] could go up a lot in the face of … a lot of borrowing and shenanigans. I thought they [CEOs] were honest.” (The CEOs he was referring to were the former chief of Bear Stearns and Wachovia’s former CEO Bob Steel.) Cramer also pointed out that he’s been “tough” on former Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on his show.

Stewart relentlessly took Cramer to task for CNBC’s marketing tactics and the slogan “In Cramer We Trust,” and in turn, damaging investors’ trust. CNBC is “selling this idea that you can sit back and you’ll get 10%” returns on your money, Stewart contended, questioning how that is different from an infomercial. He quipped: “There’s a market for cocaine and hookers.” Stewart shared what many exasperated investors feel: “My mom is 75 - she bought into the idea to buy into the market and hold.”

Stewart suggested: “Maybe we can remove ‘In Cramer We Trust’ and get back to real reporting and I can go back to making fart noises and funny faces.”

Cramer responded: “I think we make that deal right here.” They shook hands, and the feud was over. For now.

Reader Comments

tvwatcher

March 13, 2009 1:00 AM

In defense of Cramer..he sticks his neck out every night making stock recommendations. Who else does that? You use his show as a guide ... not as a crystal ball for heavens sake. Cramer was the one that made those videos to show up wall street, yet he's being used as a scapegoat.

Jim

March 13, 2009 1:12 AM

Brian

March 13, 2009 1:17 AM

Al Rutgers

March 13, 2009 1:38 AM

Cramer looked nervous and trapped - Edward R Murrow took on McCarthyism in the 50's is Stewart "the court jester" the Murrow of the 00's???

pajesseson

March 13, 2009 1:53 AM

Cramer was shown as the shoddy, slimy, manipulative operator he was and is - not by Stewart, but by the clips Stewart showed of Cramer's arrogant previous conversations. Cramer tried to cover his butt, pretending "they lied to me", as his excuse, but the truth is, HE lied to America's vulnerable working people, with the full power of his network pushing Trust Him. I hope he is examined and brought up on charges as he should be, along with his immoral and illegal network. For shame, Cramer. You are part of what has damaged the people of this great nation.

Ski

March 13, 2009 1:57 AM

Hey, look, I can predict future economic events just like Jon Stewart. Just give me a year or two.

dennis oyler

March 13, 2009 1:59 AM

Incredible interview with consistant concern for the working people that have lost including those honest people on Wall Street. A must see to believe interview and I'm sure Tim Russert was watching from Heaven.

Jon Stewart

March 13, 2009 2:08 AM

Poor Cramer, his career is done. JS ripped him a new one. Excited to see how CNBC is going to react tomorrow

Chris

March 13, 2009 2:13 AM

I think Cramer should invite Mr. Stewart onto Mad Money and show him that investing is not so easy. They should have a competition to see who picks the most winners in the market over a period of time. Would be great for the ratings!

Michael Randallbard

March 13, 2009 2:37 AM

CRAMER CANCELS MAD MONEY SHOW..BREAKING NEWS

RIP CRAMER
IDEA FOR NEW SHOW....."SAD MONEY"

Laura

March 13, 2009 2:39 AM

Cramer's a huckster through and through. This won't change a thing.
America is addicted to greed and class warfare.

People don't want to work, plan and save. They don't want reasoned, see-it-from-both sides newspaper reporting. They want to hear something right now that they can agree with and regurgitate.

Blogs and TV pundits can throw anything at their audiences, and never have to look back and the damage.

Until now.
Thank God Jon Stewart and Co. comb through the videotapes and catch the liars lying.

Chris

March 13, 2009 2:47 AM

I really like Jim Cramer but I'm sorry to say Jon Stewart took him and CNBC apart. Stewart is just saying what has needed to be said about CNBC for a long time. It's just too bad Cramer had to be on the business end of this attack, he seems like he really is trying to guide the little guys through the rough and tumble world of stock investing. I would have much rather enjoyed seeing Piper Jaffray get skewered. At least Cramer had the balls to show up, something no other CNBC personality will even attempt I can assure you.

Daily Show Fan

March 13, 2009 2:48 AM

John Stewart was hillarious and Jim Cramer walked off with his tail between his legs. I just wish that our economy wasn't based on the lies told between CEOs. Those same CEOs might seem sorry after the fact, but guess who will still have millions of dollars even if the recession gets worse.

PrivatizeSS

March 13, 2009 3:50 AM

I'm certainly no financial expert, but Stewart skewered Cramer tonight. Jim barely walked away with his manhood. What's going on at NBC anyway? On the one hand you have MSNBC doing an impression of a Democratic Fox News Channel and on the other there is CNBC blaming average homeowners for the current economic meltdown. It seems to me, in this instance, that if CNBC had had half as much steel eyed journalistic ability as Comedy Central, the blow of today's crisis could have been blunted.

shorts-r-us

March 13, 2009 3:55 AM

I do believe CNBC were wrong parading these Bankers as if they were best thing since slice but come on, John Stewart and Stephen Colbert are the biggest Obama cheerleaders. Heavens to bettsy, if you dare to criticize President Obama's policies you better look out because the attack dogs will make mince meat out of you. Just ask Joe the Plumber.

Nels Werner

March 13, 2009 4:50 AM

Well... That's kind of what happened. If you compleately leave out the part where Stewart played a clip of Cramer explaining how to effect the price of Apple stock for personal gain, when they came back Stewart took the entire Business WORLD to school, Via Jim Cramer.
"This is not a #$*&^# game man!" Stewart almost made him cry.
I Suggest all you MBA banker types check out the clip, it is a preview of your collective futures, in front of judges.

ShinsMcDuffy

March 13, 2009 7:38 AM

Holy hell Stewart was on a rampage

Steve Styons

March 13, 2009 8:02 AM

Thank you for your exposing some of what goes on behind the scenes.
I was guilty of buying into Jim Cramer and his advice. Of course I lost a lot of money, especially on Bear Stearns.
Stay the course on this subject. I'll be eagerly watching.
Steve

How not to succeed...

March 13, 2009 8:18 AM

First, Jon Stewart and TDS has been brilliant and brutal in their takedown of CNBC's talking heads. But Cramer just showed how not to manage a television media career: he rashly personalized a general shot at CNBC, started a pissing match against one of the best social commentators in the country, and predictably got his head handed to him on on an internationally televised show. Even worse, those 2006 clips where Cramer is describing how to cynically manipulate the market under the SEC's nose could have devastating repercussions. Responding to Stewart was a dumb idea -- even Sean Hannity isn't that stupid.

Rezzuk

March 13, 2009 8:21 AM

Only in America! The land of Cramer, Dan Dorfman of Chicago and whoever can forget Madoff.

Frank Loweser

March 13, 2009 8:39 AM

Jon Stewart is perhaps the best interviewer and interrogator of our time. If we had broadcast standards any more Cramer would be bounced off CNBC after embarrassing himself and the network so badly. Stewart completely smoked him.
The genius of the Stewart interview is that he could have said "I don't believe you," when Cramer tried to lie about his intent in the now infamous interview about short selling and fomenting the market. I probably would have. Stewart's genius is that he knows he didn't have to, and if he did, the interview would have been less. Nobody who saw that interview thinks Cramer was, or ever will be again, truthful.

Aaron Layman

March 13, 2009 8:51 AM

Kudos to Mr. Stewart for telling it like it is. We may have had a bear market rally this week, but there are many more skeletons to be uncovered in this market. It's going to take years to recover from this mess, and hopefully people will begin to understand that Corporate America is only interested in one thing, MONEY! I share Mr. Stewart's disgust with CNBC and Mr. Cramer.

I remember almost a decade ago when Cramer was commenting on a supposedly great company called Western Digital. I had some call options on the company at the time, and was considering liquidating my position prior to their earnings announcement. I believe it was the same Jim Cramer who was touting what a great company Western Digital was, that it was fine, etc. It tanked the next day after a lousy earnings announcment. Go figure! Logic and experience have taught me that these finacial gurus are mostly self-serving corporate mouthpieces, ready to shovel the lastest $%*! that CEOs and other analysts are selling.

Stewart was spot-on when he noted that these crooks are taking the wealth and savings of hard-working Americans so they can continue their adventure. Cramer and his network deservedly share some of the blame, but we as Americans also need to wake up and take note. We have been spoon-fed to believe that we can sit back and make fast money and just watch our investments grow. Greed and apathy are a volatile combination. We are now beginning to see just how dangerous that combination can be.

SlapnutzMalone

March 13, 2009 9:24 AM

It's funny. Over at The Daily Show website, there are several people who are newly registered after having seen this episode. Many are defending Cramer and his actions. Many are attacking Jon Stewart, saying he's a comedian and has no business taking this so seriously.

Jon is great at his job. He picks and chooses his fights. And he won this one, hands down.

Ade Ifelayo

March 13, 2009 9:33 AM

There is more to this than meets the eye. I think it should be chillinly scary when the media begins to engage in a civil war because of its members challenges the policies of an administration. So was it only Santelli and Cramer who 'fell' for Wachovia and Bear Sterns. Very convenient truth Mr Stewart. You can leave out Rubin and all the other Wall Street Execs who remain prostrated at the shrine of Obama. As for the administration, its own targetting of "opposition media" is even more embarassing. First Limbaugh, then Santelli, then Cramer. How disrespecting of the office to stoop to such a low. Lord help us with however long this is. I thought this was the USA not Communist China or somewhere else.

Shawn

March 13, 2009 9:53 AM

Interesting editing of this story, to say the least if you really want to know what was said "Google" it and watch the video.

pelguy

March 13, 2009 10:06 AM

Jon Stewart is not known for his hard hitting interviews, he is a bit of a suck up with celebs, but last night was PURE GOLD. I thought Cramer was going to burst into tears. It was no Frost/Nixon, but I was suprised at how agressive Jon got, and how conciliatory Cramer was. It looks like CNBC sent Cramer to the show to fall on his sword for the network. Hope someone at the SEC was watching.

citracyde

March 13, 2009 10:14 AM

In John Stewart we trust!!!

stormy7

March 13, 2009 10:15 AM

Way to sic um Jon.

mrflabbergasted

March 13, 2009 10:23 AM

I'm no big fan of John Stewart or his ranting, but this is a 24-7 capitalist infomerical that continued to repeat itself in one form or another. we've seen the likes of Cramer during the dotcoms explosion, and we seen the insights of "technology gurus" of the 90s with their expertise on tech stock picks for your 401k or the smart way to save with "safe, diversified" mutual funds. At this point, one side is crying it's communism, the other is a system of brazen gamblers & thieves, but this is the kind of soap opera you expect in capitalism and this is not the first time America has it's shares of criminals calling them white collar is just giving them a praised distinction, also sending Bernie & friends to prison isn't a punishment. It does not feel sincered. Does anything in this country feel sincere?

mettur

March 13, 2009 10:28 AM

I watched all the episodes of this Cramer vs Non-Cramer, and also Cramer's apprearance on "Morning Joe", and "Today". I am a fan of CNBC and watch it all the time. I have agree with John Stewart on this whole thing. CNBC as a whole was just lining up with corporate elite, and forgot to do their job of questioning the corporate elite. Cramer could not disagree with John, my hats off to Cramer for not giving some story line. He was trying to answer John's questions honestly, and he could not.

In my books, CNBC stock did go down. I need to watch Bloomberg and others more.

Dar

March 13, 2009 10:45 AM

Stewart is pretty funny and I appreciate the politcal humor even when I don't agree with it, but this particular episode was petty and unfair, humorless, and appeared to simply be a a lashing out at anyone he could find. Cramer came off looking much better, with some humbleness, than Stewart's I'm better than you attitude.

ERIC

March 13, 2009 10:45 AM

I am a big Jon Stewart fan, and this interview shows that comedy is not a cut up on what is happening in the mainstream, it is actually the main-stream that is the comedy, or in this case the tragedy. Cramer compares himself to Stewart in the interview since they both have shows. It just shows that when things go unquestioned or unchallenged that they can go terribly awry. Bravo to Jon Stewart for having the intelligence and ability to show what a true scam artist most of these financial planners are.

David

March 13, 2009 11:25 AM

Stewart is under the impression that he's more intelligent than the rest of us so he must speak up for the 'every-man'. Anyone with a 10th grade eduaction could sit back, after the fact, and point out everything those dirty capitalist did in error. Cramer's media mistake in the interview was trying to be fair and open to the criticism. That's only made him look weak. Politeness will get you nowhere in these situations. Stewart understood that, why didn't Cramer?

MikeR

March 13, 2009 11:31 AM

Cramer foments lies about securities and encourages other hedge fund managers to do the same. Now he foments a new lie-- yell "booya!" to a TV host and you, too, can become part of Wall Street's inner circle.

Anyone seen the movie "A face in the crowd?" Cramer is Larry "Lonesome" Rhodes incarnate. Stewart was right to call him out.

Edward Drossman

March 13, 2009 11:33 AM

Finally someone is calling Cramer out. Way to go Jon Stewart. If you took Cramer's picks you'd be on "the house of pain." I followed Cramer's picks in the "Lightning Round" and saw Cramer change them from one day to the next. One day ATT and AMTD were a buy, buy, buy then next day a sell, sell, sell. Then Cramer goes through a disclaimer saying that his picks in the "Lightning Round" aren't official picks. If his picks in the "lightning round" aren't aren't official picks then Cramer shouldn't say that he can give viewers an opinion on the stocks they call about.

marcomax

March 13, 2009 11:34 AM

I enjoyed the interview between Jon stewart and Jim Cramer. The only thing funnier is how everyone else is responding to it. This isn't about who won or lose, it's about defining the role of buisness news networks. I'm glad Jon didn't make the interview just about Jim cramer but about the station as a whole.

Jim

March 13, 2009 11:34 AM

People who blame Jim Cramer for their poor investment choices are a joke. Cramer is a very smart guy and knows a lot about capital markets, but you shouldn't invest in anything based on what he says. You should do your own homework. People in this country need to stop blaming others for their failures and start accepting personal responsibility. I laughed at the post about Western Digital. The fact is, it IS a great company. They have a phenomenal balance sheet and a strong business model. Cramer wasn't lying when he said it was a great company. How was he supposed to know what their earnings were going to be. The fact is, had you bought WDC "about 10 yrs ago" you would be sitting on a 600% return on your investment, even after the meltdown of the last year.

Ramon

March 13, 2009 11:44 AM

Thank goodness someone had the intelligence and backbone to call CNBC to task. For months I have been puzzled by Cramer's popularity, and his role as an "expert" financial guest on the Today Show. Jon Stewart exposed him to the world as the charlatan and fraud myself and others suspected he is.
Although the Daily Show is supposed to be "fake news", Stewart conducted a clinic for interviewers. If other reporters would have challenged some of the "experts" as he did last night, our country may not be so deep in this economic mess.

Russ

March 13, 2009 11:50 AM

If you don't think Jon can do a hard hitting interview, you have not been watching very long. I have long considered Jon to be the best interviewer currently on the air -- which shows you the sad state of the current crop of mainstream "journalists"
If you want to see REAL interviews, with the interviewee not being left off the hook, just go back to ANY clips of interviews with political figures.
His interviews of celebrities are not so hard hitting, why? because they are not important -- it is fluff, and that is the way he treats it -- but if the guest is political, or has written about a serious subject, the interview is very revealing and thoughtful -- best on the air!
Go Jon!!

Bill

March 13, 2009 11:56 AM

Dar: "Cramer came off looking much better, with some humbleness, than Stewart's I'm better than you attitude."

Dar, buddy, what planet where you watching from?

Peter

March 13, 2009 11:56 AM

Dar,

That was the point of last nights show. I was supposed to be humorless. It was a serious discussion about a even more serious problem.

Stewart deservedly ripped into Cramer. How you can possibly say he "came off better" after viewing the tape cuts of him talking about how he defrauded the markets is quite beyond my comprehension

CC

March 13, 2009 11:57 AM

Jon Stewart is just an opportunist hack providing vapid soundbites for lazy people.

drejil

March 13, 2009 12:05 PM

unfortunately for jim cramer jon stewart had some fun at his expense
cramer took his schtick way too seriously and over reacted (just a little) jim is informed, passionate and professional about what he does and just like many others in the financial sector he was fooled. if he shrugged his shoulders and gave a sheepish "my bad" this really would have blown over by now

steve

March 13, 2009 12:05 PM

Jon Stewart did what the networks (beholden to corporate interests) can't or won't do anymore. He called one of the crooks out. Sad that we have to watch a comedy channel to get a sense of reality. They're the ones giving us the real story.

Germaine

March 13, 2009 12:08 PM

Jon did a good job but Kramer rolled over...when was the last time Stewart had a movie star on promoting their next film and Stewart challenged them because it was really a piece of crap?

carolyn

March 13, 2009 12:09 PM

The point is this was and is about false information by CNBC couched as investment advice that feigned accuracy and impartiality.
The theme here is:
What has happened to the profession of news reporters and the blur between entertaining, satisfying advertisers and searching to report the truth. This is particularly damaging to the investors that aren't insiders and were abused by the institution.
Where was CNBC, The Wall Street Journal, Bloomberg News, etc.?

kevin

March 13, 2009 12:10 PM

i was there and it was the most itnense interview i have ever seen. cramer was on the verge of tears halfway throught the grilling. what we witnessed was a man coming to terms with the ugliness that he has been selling for years and years to loving public. jon stewart is one of the few journalists in america, and somehow comdey central is the only network that huses such integrity...

mike

March 13, 2009 12:17 PM

cramer opposed obama.....now they put out the attack dogs to get back at him...period

Jeff Jansen

March 13, 2009 12:20 PM

Wouldn't you love to listen in on CNBC exec meetings today? Who was the genius who told Cramer "yeah, going on the Daily Show is a great idea"? What were they thinking? The charges are that financial journalists didn't do their job, not just CNBC.
Interesting that MSNBC's Morning Joe made NO mention of the smackdown in 3 hours of airtime, when it garnered headlines across the nation.

Michael in Austin

March 13, 2009 12:21 PM

Land mark interview. Stewart laid waste to Cramer and his ilk.

Carl

March 13, 2009 12:23 PM

Twatcher @ 1:00 AM, Stewart addressed that defense. I don't know how you could have seen the interview and missed that. One should not sell the impression that he is "sticking his neck out" when in fact he is being cute and playing a game with people's money when he has nothing to lose, and everything to gain. How is that "sticking his neck out?"

One should especially not do that when he is hedging his bets by telling his viewers one thing, while he believes another thing. Stewart makes a strong case for that being unethical. There is a line between entertainment and journalism. Although both of these commentators walk that line, one purports to be entertainment ("the fake news") while the other (at least when he is not under the spotlight and changes his story) purports to be serious business news.

It has nothing to do with a crystal ball, and everything to do with a Magic 8 Ball. Except Cramer doesn't act like it's all a shot in the dark (and he has not done that once this week, until he was sitting in front of Stewart on the Daily Show).

I think you have missed the entire point, and your defense of Cramer is an incredibly weak one, one that Stewart debunked ON THE SHOW YOU ARE REFERENCING, when Cramer himself tried to use it.

Ron

March 13, 2009 12:38 PM

I doubt that Jim Cramer will any longer dismiss Jon Stewart as "nothing but a comedian" as he did on The Today Show. Stewart artfully exposed Cramer and CNBC as compliant fools in a modern tragedy.

rick

March 13, 2009 12:41 PM

I wish I was perfect like Jon Stewart. Everyone wants to think the world is perfect and noone ever lies. I don't trust Jon, Jim or anyone without figuring out the details myself. I am so sick of the media's input. Why don't we blame ourselves for our stupidity and stop trying to pin it on someone else. Warren Buffett has lost 40% of his net worth and he knows what he's doing so if you can't handle the markets moves go buy a CD and shut up!

Robert

March 13, 2009 12:45 PM

In a battle of wits ...Cramer was an unarmed man last night. He took a knife to a gun fight. I kept thinking, who at NBC approved Cramer to do this and what happened to the Cramer we see on TV.

Stewart is in a league of his own on TV.

RonnieNYC

March 13, 2009 12:58 PM

I like Jim Cramer. While I understand what Stewart did and why, people need to understand that you assume risk when you buy any stock. I personally have profited hundreds of thousands of dollars on Jim's picks. Those of you slamming him should watch him daily and re-evaluate his intentions.

Amit

March 13, 2009 12:58 PM

Felt a little bad for Cramer. At the end of the day, he was simply feeding the public what it wanted. If it wasn't him, it would've been another CNBC commentator. I think this is a case of the media reflecting the greed of society, not the media causing society's greed.

sharon

March 13, 2009 1:14 PM

Thank you Jon. Keep on making the news media answer for their poor choices in show personell. You did a great job pinning him down and never lost your integrity. If you ever come to Texas--lunch is on me.

Diogenes Smith

March 13, 2009 1:16 PM

I'm glad somebody finally exposed Cramer for the "Wind Bag Fraud" he really is. The FCC should impose fines against CNBC and Cramer for "air pollution" and waste of spectrum bandwidth.

Sean

March 13, 2009 1:36 PM

For all those saying Stewart was blaming Cramer, get the facts straight. The initial rant was about the lack of journalistic reporting on CNBC, only when Cramer took it personally did JS make it more personal. But the overall argument stayed the same, even last night. CNBC, Bloomberg, Fox Business, et all are just cheerleading the few crooks and liars on Wall Street.

No one expects them to give investors the right call, really, anyone who decides what to buy or sell from TV needs to lose all thier money. Do the research yourself so you understand what you're doing.

But these "Analysts" on TV should have seen this coming and have done a better job exposing the crooks and the potentail downfall of the economy. It's not about a talking crystal ball, it's about reporting the facts, not giving opinion. After all one would think a "news" agency would have to do some reporting of facts, otherwise it's just a variety show.

Keith

March 13, 2009 1:37 PM

one day at a time

March 13, 2009 1:54 PM

Anyone who takes Cramer's advice without first doing their own homework is an idiot! We are all responsible for our own decisions and trusting a show that states it's purpose is to "educate and ENTERTAIN" you just shows how lazy people are. DO YOUR OWN HOMEWORK AND THINK FOR YOURSELF! Jim Cramer is not out to save the world or working people for that matter. Keep in mind that he also advised folks to pull money out of the market long ago at levels that were much higher than we are at today and was chastised for that move.

John

March 13, 2009 2:05 PM

It doesn't seem that Cramer did a very good job of defending himself so I guess I'll have to do it for him. Did everyone forget that it was Jim Cramer who first sounded the warning that there was bid trouble brewing in the banking system? Did Cramer get attacked at that time for "losing it" over the issue. Steward doesn't know what he is talking about. Cramer's show isn't about naive 75-year-old ladies playing a "buy and hold" strategy. He emphasizes that you need to do your homework on the stocks you buy all the time. Anyone who can get a 60/40 win-loss result in the market is doing great. The idea is to get of things that are going bad and stick with the winners. Obviously the situation is worse that anyone thought as the time and it is unclear to me just how much of the damage is due to the goverment's panic reaction rather than the initial situation.

TheWord

March 13, 2009 2:10 PM

Most people are missing what makes CNBC's & Cramer's actions a crime & very damaging to companies, the financial markets & all of us as investors. Making bad stock recommendations isn't a crime but making those recommendations knowing your assisting others in causing the unjustified manipulation of a stocks price up or down is. There's so many directly or indirectly that can be implicated in this that no one is willing to spill the beans. Bernie's the scapegoat. All the attention is on him when there's dozen's of others out there that are a 100 times more dangerous & have caused [& are causing.] serious damage to our financial system.

derf

March 13, 2009 2:11 PM

Good comedy at its best. I agree with Jim. People have to except some blame in their losses. Stop blaming everyone else and looking for scapegoats. Where did Jon get these tapes of Cramer? Cramer was bringing this stuff to light as early as 2006. This kind of great interviewing is what we need in the media. Just not on Comedy Central. All this does is make both programs a little more popular for a short time. Where was 60 Minutes all these years and some of these other investigative shows? Where was Jon boy before the crap hit the fan. Oh ya, being a comedian. Now he wants to get serious. I wonder how much he lost?

kanuck

March 13, 2009 2:15 PM

American capitalism was always about having the freedom to screw thy neighbor before being screwed thyself. It was only a matter of time before everything got screwed, and but good. Congrats neighbors. kanuck

Rick Pompeii

March 13, 2009 2:27 PM

Sure, it may seem unfair for Stewart to single out Cramer when there are so many others that made bad predictions, but one of Jon's points last night was significant. To paraphrase Jon, he said that too a degree both Stewart and Cramer are both snake oil salesmen, but at least Jon admits that, but Cramer and MSNBC portray themselves are experts when they really don't have any clue.

Another Stewart Fan

March 13, 2009 2:34 PM

As Stewart has said several times on several occasions, he is not out to bash Cramer. He has a beef with what all of CNBC has done to journalism. It's partly what CNBC did wrong (too much hype and error in investing, cultivating fast money / get rich quick values, supporting govt bailouts for banks but not for homeowners). Mostly it's about what CNBC isn't doing - which is *accurate journalism*, some investigative journalism. I will be so proud of Cramer if he does pull his "In Cramer We Trust" logo and take a more serious and responsible role with his show.
It's a first step on what is clearly our new national direction: rebuilding integrity.

Nun A. Tak

March 13, 2009 2:36 PM

Only imagine if President Bush's suggestions to reform social security took hold? Instead of getting a pension from the government, retirees would have fed all their pensions to the bear.

In my view Cramer is entertaining but benign. That is, until the CNBC network paints him as a credible source for financial reporting. He is more like Entertainment Tonight than BusinessWeek. However he's far from alone.

Another misleading barometer of financial stability was Susan Lisovicz on CNN. This whole rosy optimistic view of the market betting 35:1 was as irresponsible as the media giving Bush a kitchen pass to invade Iraq. The producers of most TV media programs feel it safer to shield the truth and propagate rosy scenarios. Is it any wonder why TV news has become less, and less trusted?

Jon Stewart has done the nation a favor by reminding us all how we really got here -- and not to trust faux news programs to the contrary. It took a comedian to remind journalists of the meaning behind ethics.

Another Stewart Fan

March 13, 2009 2:37 PM

As Stewart has said several times on several occasions, he is not out to bash Cramer. He has a beef with what all of CNBC has done to journalism. It's partly what CNBC did wrong (too much hype and error in investing, cultivating fast money / get rich quick values, supporting govt bailouts for banks but not for homeowners). Mostly it's about what CNBC isn't doing - which is *accurate journalism*, some investigative journalism. I will be so proud of Cramer if he does pull his "In Cramer We Trust" logo and take a more serious and responsible role with his show.
It's a first step on what is clearly our new national direction: rebuilding integrity.

Shaun

March 13, 2009 2:39 PM

To those of you saying Stewart should try predicting stocks it isn't his job and he has made no claim to be able to do so. However, it is Cramer's job and he failed miserably at it and based on the clips Stewart showed last night was active in the type of shenanigans that caused our market to collapse.

Does anybody remember Wall $treet Week (which used to air on PBS)? That was a real program for investors where you could learn good insights and would not be fed tripe by various executives. If you were paying attention to them back during the internet stock bubble back in the 90s you probably wouldn't have lost much if any money when the bubble finally burst because their experts really were experts and never forgot the basics (like P/E ratios...). They also didn't treat investment as a game but rather a serious business with many risks involved.

Unlike Cramer, John Stewart excels at his job. Cramer should try to imitate programs of years past like Wall $treet Week rather than relying on his on ego to drive his program.

TheNest

March 13, 2009 2:52 PM

I personally am grateful to Stewart for voicing thoughts I've had myself, particularly as I viewed an endless stream of now hysterical (somehow now less attractive)CNBC pundits huffing and puffing and looking for blame everywhere but in their own back yard. I look for no one's undoing, I just sincerely hope this event spurs media (CNBC and beyond) to take a good hard look at themselves.

Ken Salvato

March 13, 2009 2:56 PM

Cramer did OK on Stewart's turf. Anybody watching "Mad Money" knows that his show is not journalism. It is opinionism. But it is very entertaining. And he did say, in early October, to "take your money out" of the market. I'll keep watching his show.

67alecto

March 13, 2009 2:56 PM

RonnieNYC/March 13, 2009 12:58 PM:

You say you've made a ton of money from following Cramer's advice...interesting. Because it turns out his advice is right only 47% of the time.

Kevin

March 13, 2009 3:13 PM

Jon Stewart is brilliant but in the unedited version you see that it ends a little more friendly than it seemed to in the edited version.

I give Jim Cramer huge kudos for being the figurehead for the malfeasance of the Financial News Networks. Santelli is just a coward and an ass. At least Cramer had the guys to put a face to it.

Still, I would love to see this become a turning point in what CNBC does. That is, protect the common man and expose all this risky side trading that destroyed the world economy.

I'd also like to see a law passed making the greedy bastards that made money off all the failed bets by Bear Stearns and such give it back to the people in the 401k's that will never get it back otherwise...

jon

March 13, 2009 3:23 PM

tvwatcher
March 13, 2009 01:00 AM
In defense of Cramer..he sticks his neck out every night making stock recommendations. Who else does that? You use his show as a guide ... not as a crystal ball for heavens sake. Cramer was the one that made those videos to show up wall street, yet he's being used as a scapegoat.

TV WATCHER I HAVE SEEN THE EXACT SAME MESSAGE ON 4 OTHER WEBSITES. AND YOU HAVE ALSO POSTED FIRST ON THOSE OTHER WEBSIDES ALSO. TVWATCHER=JIM CRAMER STAFF

James

March 13, 2009 3:26 PM

This article is also the essence of what Jon Stewart was mocking last night on his show.

The show's intro, with a serious sounding voice talking up the 'hype' between Stewart and Cramer, was mocking the other TV media outlets' over-the-top hyped coverage of such a basic disagreement. News media is has become about fear, disagreement/confrontation, and a complete void in journalistic integrity.

That was, in essense, the central premise of the show. Cramer, even though I didn't beleive a word he said, at least had the right idea about persuing legal action against the people who were knowingly taking part in market manupulation.

Jacko

March 13, 2009 3:27 PM

I'm a former CNBC employee from the late 90s. Jim Cramer is on the network to bring a practitioner's point of view. For years he was a regular Squawk Box guest host while running his fund. People who *tried* to work for him in "real life" found him to be a) incredibly brilliant b) a ridiculous workaholic and c) a merciless boss. He's the one guy on CNBC you ought to want to learn from. Santelli too, for that matter. The real losers on the network are the ones like Bartiromo and Quintanilla, who were chosen for good looks and their ability to "play stockbroker" for middle-american haus fraus that don't get Wall Street. Most smart people I know that watch CNBC do so simply for the ticker and breaking news, not for the interviews. But Cramer is legit and was a gentleman to take the fall w Stewart.

The Mad Hedge Fund Trader, San Francisco, CA

March 13, 2009 3:30 PM

While most industries are facing the worst conditions in 70 years, the market for business journalists is booming, who investors increasingly look to for advice on how to save their last dollar. During the first two months of this year the financial network CNBC, a subsidiary of General Electric (GE), averaged 282,000 home viewers, compared to 264,000 last year and 233,000 in 2007. The financial crisis is boosting profits there, much as the Gulf War did for CNN in 1991. The network is now increasingly becoming the story itself, offering a rallying point for criticism of the Obama administration as it plays to its overwhelmingly conservative audience. Anti bailout comments by futures markets reporter Rick Santelli, who called those behind on mortgages “losers”, sparked nationwide “tea party” rallies. The theatrical Jim Cramer accused Obama of causing “the greatest wealth destruction of any US president,” inviting a White House counterattack. Convincing people they are sick, and then offering to sell them the medicine for a cure, has always been a great business strategy.www.madhedgefundtrader.com.

Dave

March 13, 2009 3:31 PM

Bottom line...Jon Stewart was all bent out of shape because Cramer and others had the nerve to criticize our "dear, precious", anointed one... This is just proof that the left will go after anyone who merely expresses an OPINION that does not give glowing reviews of BARRACK HUSSEIN OBAMA, and his socialist agenda! The left, such as Jon Stewart, are nothing more than jack-booted thugs who essentially scream down voices of dissent. The laughable comment was when Jon Stewart chastised Cramer, I paraphrase..."finance is not a joke..." What Cramer should have thrown right back at him is...neither is the WAR on Terror...the state of the economy...and all of the other things he bashes republicans for on a daily basis?!?!? Someone needs to tell that moron...Jon Stewart...that if these things are no laughing matter, then...GET OUT OF THE BUSINESS!!! Stop producing your stupid show. The sad thing is that the majority of his viewership gets the news from him...and guess who they voted for....

Erik

March 13, 2009 3:35 PM

47% is much better than most people get right

Bruce

March 13, 2009 3:40 PM

Bless Jon Stewart, he was gracious for even allowing that scumbag Cramer on his show. Cramer should be arrested for conspiracy to defraud investors.

Thank god we have Obama & Democratic leadership to clean up this mess created by Bush's policies and free market greed.

Susceptor

March 13, 2009 3:56 PM

it was a great interview, a great piece of true journalism, delivered by of all things a comedy show, its a must see for everyone.

Jonathan

March 13, 2009 4:20 PM

WOW, So Cramer a week ago makes a comment that was negative about Obama and Jon Stewart decides to use a comedy show as revenge. That is very very scary people. The timing of this is obvious and sends a clear warning that if you oppose Obama or his policies and you are in the media, look out.
It's been years ago that I first saw that video Jon Stewart was running, and although Jon is right that that sort of manipulation by hedge funds is almost a scam, it's what hedge funds all do, it is extremely common and Jim Cramer warns about this all the time. You know this when he plugs a stock and says wait a week to buy it. For those of you who know about the uptick rule, this rule would if reapplied would make it extremely difficult to manipulate stocks. Jim Cramer is for this being reapplied and there is not a single hedge fund that wants that to happen long term. Right now it really doesn't matter to hedgies because they can't short the market anymore anyhow. Any Jon Stewart hack job was unfair and a total setup and exposed who he falls in line with. He took one video from 3 years ago and gloss over 1000's of hours of Mad Money where Jim Cramer has exposed the manipulation that Jon Stewart is demonizing Jim for.

...

March 13, 2009 4:24 PM

The interview, was almost as brilliant as the time he went on "Crossfire", I mean honestly, although Jon Stewart may be thought as a "comedian" he IS a very smart man. The only reason why he demolished Cramer's moral the way he did, is because Cramer chose to make everything personal.
Bravo to Stewart... i wonder who he he'll ruin the false "creditability" next

The show that never ends

March 13, 2009 4:25 PM

The nuts are truly runing the establishment... and Cramer is just a dancing monkey! At least John can hear the music and see the puppet strings being pulled behind the scenes!

The "Media" is only free if YOU OWN it!

Russell

March 13, 2009 4:47 PM

I appreciate the idea of holding CNBC's feet to the fire, but investing is work, and they are only (barely) business entertainment. Anyone who invests based on what Cramer says and doesn't do their background checks on stocks they buy is a moron anyway. I give Cramer credit for showing up but making the video that the clips were from was a huge mistake.

MA

March 13, 2009 4:53 PM

Jon Stewart is my HERO! In Cramer we Trust - NOT!! There was one piece of videotape that Jon Stewart didn't use that would have put Cramer away. Let's Play the Videotape dated Nov. 8, 2007. Cramer fuming on CNBC's "STREET SIGNS" show. When Andrew Cuomo and then Governor Spitzer announced the need to reform and regulate the sub-prime mortgage lendors, Cramer wailed and called Cuomo a Communist! When Cuomo issued subpoenas against mortgage investors Fannie Mae and Freddie Mac and expanding his investigation into whether WaMu (Washington Mutual) hiked its fees by inflating home appraisals, Good old "In Cramer We Trust" responded by yelling how Cuomo was going to destroy any opportunity to move $1.25 trillion in houses sitting on the market." I wonder now if only Spitzer had remained Governor would he have been able to shed and open up a Pandora's box to these sub-prime mortgages and could we have been spared this terrible collapse? For the first time, I'm thinking the powers down in Wall Street had something to do with entrapping Spitzer. I don't care if he was taking a prostitute across state lines...that's his business but I'd rather have had him keeping an eye on the pimps on Wall Street any day.

But as far as Cramer,the Market Guru and Influence Peddler of Wall Street is nothing but a fraud! His claim to fame is that he was a hedge fund broker in the 90s and made lots of money. Who didn't make money in the 90s. A Seal Otter with abelone on his belly could have made money on Wall Street -- i.e. that doesn't make Cramer the Marketing Guru he boasts about being. What was the very last straw was seeing Cramer crucifying this new administration for "transferring the wealth"...well Mr. Hypocrite...tell me that there hasn't been a transfer of wealth all these years just going towards the 1% of wealthy people and the middle class shrinking into oblivion.

Mentality

March 13, 2009 5:21 PM

This interview reminded me of how brutal Stewart was on Crossfire a few years ago. There are times when we catch a glimpse of how hard hitting he can be in a debate. I find myself wondering though - How sad is it that the toughest journalism of today is coming from Comedy Central?

orlando

March 13, 2009 5:25 PM

Cramer came on knowing he was going to get skewered, he must have known, as he said he was a fan of the show. He plays his part as does all of CNBC, watch who the advertisers are as they drive what is on the 17 hours of live TV. One always needs to be critical, isn't there a war going on that Stewart was warning about and the media was falling all over itself to support. It seems the US media are all cheerleaders and in the pockets of big G and big money. Hopefully the end user will smarten up.
I think that was the ultimate message from both Stewart and Cramer. I like them both and while Stewart is allowed to say what he feels, let's see if CNBC will have the guts to cut some of its talking heads some journalistic integrity (and some criticism as well). How about an hour a week of gaffes and bloopers, bad calls of the week/month etc. or would their egos not be able to take it?

Matt

March 13, 2009 5:44 PM

DC

March 13, 2009 6:02 PM

Jim Cramer is a market manipulator - reading some the the blissfully ignorant comments on this board is sad. Jim Cramer is not a stock picker! He says what he says for his own personal agenda!

Open you eyes.

Guy

March 13, 2009 6:31 PM

Oh please, if Jon Stewart was so angry about CNBC and them not broadcasting the facts then there's a long list of about every major media outlet that has been playing softball with the issues for the last 8 years. And if CNBC is blaming homeowners who took out mortgages they can't afford, I can only agree with them. If people who couldn't afford these mortgages didn't take them in the first place, this crisis would never have happened. End of story. I haven't bought a house in the last 10 years because I can't afford a half million dollar house, and I make six figures. There's plenty of free cheddar in the mousetrap and if you take a bad loan, it's your fault.

Mark

March 13, 2009 7:19 PM

The emperor has no clothes!
People manipulate the market to their own ends.
Remember the Wizard of Oz was just a person, there is no wizard. Anyone who ever says "you're stupid" is just afraid of you.

Jeffrey

March 13, 2009 7:52 PM

Stewart was brilliant in that interview. Though he did get in his swipes at Cramer, he rightly noted that it wasn't about Cramer; questioning CNBC's place in journalism was a question that needed to be put out in the open, and The Daily Show was great at pointing out the absurdity of a Wall Street mouthpiece calling homeowners receiving bailout money as "losers," when financial institutions gladly took handouts.

Some Sympathy for Cramer but!!

March 13, 2009 8:56 PM

Jon misses Bush....not like one misses a friend but the way one misses one's favorite sitcom because Dubya gave Stewart SO MUCH MATERIAL!!

Jon can't get that from Obama. #44's too intelligent and well spoken. Biden is no Cheney (in a comic material providing sense) so that doesn't help much.

Then along comes Santelli and CNBC and the other network hacks, and they give the Daily Show enough material for a great ratings week. Stewart's disappointment also comes from the fact that he probably expected more from CNBC than he would from Hannity and Co.

Mad Dummy

March 13, 2009 9:14 PM

Hey stupids. You're all pissed because you're just now learning via comedian Jon Stewart's comedy show how the financial news business works in the best interest of big business to swindle the money from the small investor. Sorry you all got burned. MUAHAHAHAHAHAHAHAHAHAHAHAHAHA

Karyn McCormack

March 13, 2009 9:44 PM

Thanks to everyone here for responding to this post and expressing your opinions. I watched the episode again tonight (Friday), and still believe Jon Stewart was at his very best. I doubt CNBC will respond, but wonder if they will make changes in their shows. What do you think?

joe

March 13, 2009 11:17 PM

This is not just about Jon Stewart vs. Jim Cramer. This is more about the role financial media has been playing over pass several years. People blamed the FED's low rates for the house bubble. People blamed Wall Street for the toxic derivatives. Jon Stewart came out to blame the misleading financial media. Finally all the major suspects of this financial murder were put on the stand for trial. Without the financial media's "Buy and Hold" propaganda, 401Ks of majority Americans would not be 201Ks today. Without the financial media's "American Dream of Owning a House" propaganda, there would not be so many foreclosures. To be fair to Cramer, at lease he told Americans to sell stocks last years when Dow was much higher than today. I would like to ask the author and all BW employees: What role have you guys been playing over last several years? Have you helped Wall Street to suck our blood?

Mudcat Jackson

March 14, 2009 12:05 AM

This was the very best of television. Jon stewart model how an interview should be conducted. He was well prepared, and asked questions that were reflective which required intelligent responses. There was no escape for Cramer and he responded with a great deal of class when he was exposed and cornered.
Jon you did us (American Public) proud. Next, invite the light
weight Rick Santelli and see if he would dare to show up and defend his irrational and demeaning expose'.

Mudcat

C'mon Folks

March 14, 2009 12:32 AM

Everyone trying to knock Stewart down a notch by saying he should try to predict the market is missing the point so bad it's sad. He couldn't care less that Cramer was wrong; he's outraged by what CNBC passes off as "financial reporting". Journalism is working to get to the truth, not parroting whatever you hear. CNBC presents itself as a reputable source, but they do little more than repeat what CEOs want them to. Is that journalism? THAT'S Stewart's point. Be honest about what you're doing.

Indy 53

March 14, 2009 12:45 AM

Cramer opposed Obama.....now they put out the attack dogs to get back at him...period. Mike, Cramer said in the interview that he voted for Obama, and thinks he will do a good job! Do you think he lied??

Karenina

March 14, 2009 12:53 AM

Not only where was CNBC, where was Bloomberg, the Financial Times and every other business rag out there? I believe in capitalism, but press shouldn't be the cheerleaders for these corporate criminals. It is just like the news people cheerleading Bush into war in Iraq. Where is the discernment?

Richard

March 14, 2009 4:16 AM

Cramer can be entertaining and educational on stocks and trends.
HOWEVER he can also be very bias and sort of right wing [Republican] as can most of the CNBC staff, like Kudlow. I suppose some of them feel pressure to be that way because they think so many viewer's are conservative businesspeople, while actually many of us are moderate to liberal!!

In fact please go to cnbc.com and complain about two of the worst, Dennis and Michelle on their lunch show. They can BS about business but I have doubts about their education or grasp of economics.
And you can count on them to put down Democrats or excuse right wingers like SEC's Cox, a former Republican from California. Appointed by Bush he told his staff to lighten up on investigations, like into Madoff, or fines. Christopher Cox should be in jail, just like Mrs. Madoff and family.

Cramer comes on strong, full of himself. Just as Stewart said, he often [or staff] does not do his homework and has made some terrible calls. In fact some video tape of Stewart had seemed to show Cramer virtually admitting breaking the law! The kind of stuff you can get 2-5 years for!!
And I'll admitt, I'm for Obama and the serious reforms we need. Cramer has sounded like that neo-facist Rush Limberger lately, and along with Kudlow, etc. really takes my view of CNBC down. Unfortunate because they do have some good hosts and smart guests.

Remember, ask CNBC to drop Dennis and Michelle, because if they don't care about 20,000 jobs down the drain a DAY then they deserve to see what it's like!

shorts-r-us

March 14, 2009 5:44 AM

Getting Financial advice from a news network is moronic. Getting World news form a comedian it just plain stupid. DO YOUR OWN HOMEWORK.

Syd Schultz

March 14, 2009 7:46 AM

I enjoy Mad Money. But 7 years ago I found out what Wall Street does not want you to know. I watch Pill Grandy,(Phills Gang). In 2007 he told me the real estate market was going to go down. I sold my house in California & moved into my RV. In 2008 he told me the market was going down & soon. I shorted the market. Jon Stewart got it dead on. The big guys on Wall Street want your money & if you listen to CNBC lies they will steal it. look who adv on CNBC? If a CEO comes on CNBC to tell you how great his company is. He is not telling you the truth. He wants you to buy his stock so he can sell his. Your 401k is not where you want your money any more.

Cristina

March 14, 2009 9:36 AM

This isn't about a Cramer-versus- Stewart debate. A fundamental question still needs to be answered: How do we make sure that the "experts" to whom we entrust our retirement funds and savings no longer take risks that allow only themselves to take the rewards and leave us with the losses?

The blame game helps only in identifying who need to play a role and what need to be done so we don't find ourselves in the same situation again.

Cramer Advice

March 14, 2009 10:24 AM

Tang

March 14, 2009 11:29 AM

It was Tucker Carlson in 2004, but the real target was CNN's Crossfire. Now is Cramer, and the real target is CNBC. I do agree Cramer came out a lot better, than Santelli.

DHL

March 14, 2009 12:43 PM

Why pick on Cramer? Are the other financial commentators reliable??

Indie Tarheel

March 14, 2009 12:50 PM

Great interview, lays bare SOME of the shenanigans that got us where we are.

Wonder when he'll weigh in on Waters' and Frank's malfeasance regarding Freddie and Fannie regulation during the previous administration?

iriyar

March 14, 2009 1:34 PM

Folks, all these guys are entertainers, like Rush Limbaugh and Lou Dobbs and Howard Stern. They do this stuff for ratings and money — lots of it! — not for love of country or other people. If the audience turns them off they will re-create themselves to the tune of the times so they can "lead" again. Don't listen to them. Kill your TV and make up your own mind.

Mike

March 14, 2009 1:39 PM

Cramer is a buffoon and CNBC would be smart not to bring him on in the afternoon...When he comes on, I mute my TV until he's off.....
Barrons exposed him three weeks ago and now Stewart has done a great job of exposing him as a fraud.
Bye bye Booyah...It's time to go!!!

The Daily Shark Tank Show

March 14, 2009 1:59 PM

Entertainers make their money differently. Jon Stewart is trained in the art of ripping others to shreds. Cramer, a nice guy, makes his money giving advice (and not ripping people to shreds) - he was naive to think that this wasn't coming when he accepted an invite to The Daily Shark Tank Show. It's going to happen to anyone on that show. Duh.

The Small Investor is Screwed

March 14, 2009 2:34 PM

Cramer and every other talking heads on TV that host investment shows - NONE of them tell the truth, it's all about advertising dollars and big money for their networks. Snake oil salesman were tame in comparison to the non-stop nonsense these commentators spew. If you're an investor and watching any of this manure - you're a fool!

Ron

March 14, 2009 3:41 PM

While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?

China is now worried about their dangerous over investment in US Treasury obligations. Washington’s long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.

Ron with 30 plus years in the investment business and banking industry.

Ron

March 14, 2009 8:36 PM

Stewart passes out his news for potheads and morons but is just a partisan hack. He never skewers anyone from the left.
Cramer is Cramer. He passes on stock info like a thousand others only he packages it in zaniness to set himself apart and get noticed. The only reason to crawl before Stewart would be a fear of the vengeance of the fascist left.

Rodax

March 14, 2009 8:53 PM

Considering the anger and amount of time Stewart has spent on this, he obviously lost some serious money. Liberals like Stewart never denounce anything until it affects them personally. In the end, I enjoy watching liberals attack liberals.

JB

March 14, 2009 9:45 PM

Cramer's a quack. I believe the Cramer from "Seinfeld" would be liable to give better advice than this pretentious, unethical know-it-all. If you've taken one investment class and are familiar with the basics, this guy can't teach you anything. I'll only watch his show if I'm desperate and feeling the need to enjoy some comedy-and I'm not just referring to his antics, but his advice as well. During bear markets he needs to go into hibernation.

HH

March 15, 2009 4:13 AM

Its not just CNBC that are into this kind of phony "reporting". The Fourth Estate is wholly driven by interest groups and money....whoever still believes in the independence of the press is a fool.

alur

March 15, 2009 6:45 AM

CNBC wants entertainment after the bell to keep veiwers watching, so Cramer provides it. No serious invester should take advice from Cramer's show. The show serves as a showcase for a few stocks each night, and Cramer uses his enthusiam to entertain around a backdrop of stocks. The show should not be substituted for serious, deliberate stock investigation.

The debate between two comedians has been great for ratings. I wouldn't trust Stewart with policing the market anymore than I would trust Cramer interpreting the market.

Karl

March 15, 2009 9:11 AM

URGENT ALERT for JIM CRAMER: If you want to know the truth about stocks, simply 'Google' this- RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and go to the 2001 Toyota Tacoma Report, and then read the 'Update' to that Report which was posted on 8-21-2007. It's entitled- "Blame it on a Lawyer". Take a look at what a Harvard Business Professor said to his class in late 2004!!! Then, 'Google' this to read a prediction that was posted less than 2 weeks later- RIP OFF REPORT GM CREDIT CARD SERVICES, and go to the '1st Update' to that Report which was posted on 9-3-2007. It's about the "COLLAPSE of the U.S. economy." It came TRUE, didn't it? Go Harvard!!!!!

mike

March 15, 2009 10:02 AM

Time for Cramer to go and Powerlunch/CNBC has to rethink their format because that group of socalled broadcast journalist don't have a clue about reporting/interviewing business people. They are not objective and only offer their opinion which is no opinion at all because they have lost their credibility as journalists. Maybe they should move to Hollywood and report on the stars!!!

Mike James

March 15, 2009 12:10 PM

There has been an attempt by some (Rick Santelli + Rush Limbaugh + some Republican politicians) to blame this whole economic crisis on the alleged actions of a few "welfare queens", "minorities", "irresponsible poor people." This I think is the core of Jon Stewart's point.

It is always amazing how people try blame others for the crisis that they themselves created. Societies always manage to blame their minority groups for the actions of the majority. The majority always paints itself as virtuous in all of its actions.... despite reality.

Many during the last depression in the US, Germany, and a few other countries tried to hang their own actions on the Jewish community. The Japanese did a similar thing with "foreigners." Russians did similar things.

We have two problems to solve:
1. Fixing what WE did
2. Understanding what we (not someone else) did so WE don't do this* ever... EVER again.

*Massive deregulation of the banking/investment system.

steve

March 15, 2009 12:12 PM

It amazes me when Cramer warned several months ago, that any money you need over the next 5 years, that you have to take it out of the stock market. He was accused then of scare mongering. The DOW was about 11k then, now around 7k. Where are all the critics from back then?

As usual, the American media make no effort to find the facts, just sound bites. If they had watched Mad Money on any sort of regular basis, you would know that he says any stocks you buy have to be based on your own research and you have to do your own homework including his stock pics. Of course the lazy idiots that took his advice, more than likely than not, did not do the research and are now looking for someone to blame. Take some responsibility you bunch of spoiled kids.

Also, those videos that were taken from his web site, do you really think that people who watch his show, where he repeatably mentioned his web site, would not go there and see how Wall Street allegedly operate. Once again if people did some research and looked at a series of those web articles, he uses the "me" context in terms of explaining if he was going do it or someone would have done in the past. But once again people want instant sound bites and not to have to some proper context. Why not show it on TV and not just a web site you may ask? What do you think would happen, lawsuits from every angle I would imagine. Since regulators couldn't even get someone like Madoff who had next to records, how could he have expected any regulators to follow up on the stuff he was suggesting could have been going on?

With regards to why the show is based on acting the clown, he stated on one his shows, that he acts that why to get people attracted to the show so he give them some basis investment training. Otherwise, they think that current financial programs are too boring. Since his show is probably one of the highest rated shows on CNBC, he probably has a point. Just goes to show you the attention span of some of those clowns that are probably criticizing him won't watch a "proper" investment show or even read a book on the subject.

While I agree that CNBC are brown nosing with a lot of CEOs, the one person on that show that has been trying to show what really goes in Crammer.

Everyone is an expert with 20/20 hindsight. We didn't hear many complain when they were getting huge price increases or their 401k go up and leaps and bounds.

Wall Street is one of the most cut throat businesses there is. If you want to dabble in that alone then be prepared to accept that you are swimming with sharks and expect to get eaten. At least Cramer tried to expose it. Who else did?

Don

March 15, 2009 1:01 PM

The one time I bought a stock on Cramer's advice, I lost 40% of my investment in 3 months and the company was bankrupt a year later. Cramer doesn't know what he's talking about. Listen to him only if you hate your money.

Interestedobserver

March 15, 2009 1:52 PM

Thank you John Stewart for using your soap box the rest of us do not have. I can not fathom how a whole network did not see the signs of this inevitable implosion. I guess when all you do is read the market numbers to a camera, you don't have to do any real reporting. CNBC is disgusting the way they gush over CEO's. Maria Bartiromo is the worst with her insignificant, shallow questions, not to mention her questionable ethical mishaps by getting to cozy with the people (Citi Group) he's suppose to be providing the audience unbiased information.

Colbert

March 15, 2009 3:05 PM

Wait... Stewart's audience wasn't as boisterous with Cramer's roasting? When was the last time the "The Daily Show w/ Jon Stewart" WAS funny?

Ye who think that Stewart is still funny - do yourself a favor and join the Colbert Nation!

dw

March 15, 2009 3:41 PM

having just watched this interview. i think the entire point Stewart was trying to make was this. has the financial press become more like cheerleaders and less like journalists. and isn't that the point a lot of people are trying to make when they gripe about MSM? That they have become more supporters than what their job really is suppose to be? They don't investigate much of any thing any more. they take every thing that is told to them as fact. and we can get that from companies PR departments, we don't need news organizations to do it also. and most of this is because they are to focused on getting it done quick, and cheap instead of right

Doug76

March 15, 2009 3:42 PM

Jon Stewart. Another liberal dweeb with nothing to offer but attacks on anyone that would disparage "The One", while like his hero, able to offer no solution. It's easy to attack, and hard to fix what is broken. Must be why the Democrat Party attracts so many losers.

Rocko

March 15, 2009 4:36 PM

Cramer is a fraud. He sucks up to any CEO that will be his guest. Remember just a short while back when Cramer was touting the CHK CEO as being so great? Had him on the show all the time and hyped the stock. Then things went south for the stock and Jim sudedenly switch his pick to a different nat gas company. Just one example, but the fact is he shills constantly for those willing to be on his show.

Jim Kinetz

March 15, 2009 4:49 PM

Jon Stewart is a pompous ass! I am an investor and I listen to both cnbc and bloomberg every day and I believe Cramer does a great job of communicating his ideas to the public. The special effects he uses add to the enjoyment of watching the show. Its called communicating. I think Cramer has some good ideas on investing and his style adds to my interest in watching the show. Jon Stewart could use some tips on making his so called comedy show actually funny. John Stewart would do America a favor if he retired.

Wes Pedersen

March 15, 2009 7:44 PM

Jon Stewart scolded Jim Cramer for not warning the public that the financial disaster was coming. Fine. Cramer deserved it, big time, as did the other financial gurus who couldn't or wouldn't say the sky was falling. But I do not remember Jon Stewart ever sending up even a tiny flare or sending out SOS or MayDay signals.
One thing the economists will not tell you: the old method of determining when a depression begins needs to be junked now. It's an antique, completely useless in this century. Given the pain so many are suffering now, a solid argument can be made that we are now in the nascent stage of a depression.

mike

March 15, 2009 7:59 PM

I think the media as a whole is on a downward trend. The easy and cheap stuff is the entertainment. Much harder and more expensive to do in depth reporting. FOX "News" has a tremendous amount of opinion shows that some mistake as news for example. They get good ratings with O'Reilly, Beck, Hannity etc.. and they rarely have counterpoints that they don't shout over or are credible. The entertainment and opinion part is easy and profitable. Bumper sticker slogans followed by little substance.

The dumbing down of the news and America is a huge problem IMO.

Sucks that Cramer had to defend CNBC

March 15, 2009 9:34 PM

Cramer has just one show, but he had to answer for his network and all the rest of cable TV. Where are the TV execs? What a bunch of wimps! At least Cramer had the balls to show up and face Stewart's wrath. Gotta respect the man...

Alex

March 15, 2009 11:04 PM

Anybody ready to take Jon Stewart investment advice?

Jim maybe lost this fight, but he's got more publicity in mainstream press than ever. Since when publicity was bad for a media person?

ayres cayo

March 16, 2009 1:48 AM

STEWART - an excellent interview and roast, yet amongst the young "hip" crowd Stewart is the the news. - John has never taken aim at a Democrat - Barney had his Frank over at Fannies, Dodd was romancing Countrywide, Waters was doing some banking, Rangel remembers he has a summer home, Hillary did vote for the war, but we love her --- The typical Stewart show (news to the neato collage crowd and trillion dollar debt signees) is Bush, Bush, Bush ... gee you would think the Democrats hadn't had congress for the past two years or known about a filibuster.

Tokyo Randy

March 16, 2009 5:54 AM

Hat's off to Jim Cramer for actually appearing -- I think it took guts that so many others have shown lacking.

Having said that, this episode reminds me of Jon Stewart's appearance on Crossfire. He said what no one else would say: "You are hurting America".

Here, he called out those that posed as journalists but were really PR reps. Strange, it takes a comedy show to do this. Then again, maybe only a comedy show can do it.

Glad he did.

John

March 16, 2009 6:19 AM

Cramer got crushed but Cramer is the bigger man.

Cramer sticks the heads out and try to help people and takes a lot of heat for it and he has made a lot of great calls over the time. Cramer was the first one who started shouting at Bernanke and was then considered a loonatick but then was right.

I think Jon Stewart was afraid because he knew that the Daily Show presentation of Cramer was unjust and wrong and therefore he never let Cramer give his case but keeping him hitting with videos and arguments which seemed to have more to do with wall-street at large.

Jon Stewart likes to hang out people who are dishonest, but how just is his portrait of Cramer? And giving Cramer the opportunity to give his side of the story?

Stan Winston

March 16, 2009 6:46 AM

It's amazing how Jon Stewart followers are so ignorant and brainwashed by the motley fool himself. Jon Stewart is on Comedy Central for a reason; he is a comedian, at best, with 20-20 hindsight and absolutely zero financial acumen. He wouldn't stand a chance being a respected reporter on any major network. Stewart takes all clips and comments out of context and splices them together to create a story. He may be able to convince viewers through splicing that Cramer said there are green men on Mars, but that doesn't make Stewart correct, and says less about his viewers. Neither Cramer nor CNBC will be influenced by Comedy Central or make changes to its lineup of programming. Cramer sticks his neck out everynight to teach investors about corporate valuation and all the rules of value can change, just like home prices. But investors of IBM aren't crying for government aid because their stock price went down. Homebuyers who falsified their income statements and financed at 100% and got a free ride for 3 years need to take now what they deserve. Stewart scrambles nightly to make fun of serious issues. Jon Stewart is nothing more than a clown who needs to stick to his fictitious hollywood variety show. Its just sad to see the blind leading the blind. Cramer didn't respond because it would have been impossible to even begin to teach Stewart the things he doesn't understand.

Kim

March 16, 2009 10:23 AM

Jim Cramer, himself, said it best when he indicated that his television show is entertainment that is designed to attract a new generation of investors who don't want to study boring things like fundamentals. That attitude - that somehow you can make large amounts of money without understanding the fundamentals of investing, the business of the companies you want to invest in and the current economic and market conditions - is a major contributor to our economic crisis. I though Jon Stewart went a bit overboard expecting CNBC to predict an economic meltdown when no one else did, but he made excellent points during a terrific "interview".

Chuck Gaffney

March 16, 2009 11:00 AM

I simply love how Jon simply tore Cramer a new one. When he came on, Jon at first was being nice then he opened up a can of worms by throwing Cramer's own words at him. Jon stated the exact sentiment we all have right now for Wall Street and the financial firms and with valid reasons. He brought up why there hasn't been any indictments and I'll ask that question as well. Where in this obvious corruption are the indictments? (Madoff aside) The market is full of Enron-like schemes yet no legal action has been taken. Instead, the opposite has happened...they get a bail-out.

Tom

March 16, 2009 11:01 AM

Even if I agreed with Jon Stewart, I could never stand behind his holier than thou stance. When did Jon Stewart stop being a comedian and start being the democratic senator from Comedy Central.

rykauff

March 16, 2009 12:25 PM

Cramer has stated multiple times, he "is not a statesman", but he clearly is. Stewart took his criticisms to a personal level, by stating his parents 401k went down because they listened to Cramer. Cramer responded with class, probably a little too much class. He took his lumps for being wrong and promised to ask tougher questions in the future. Stewart, on the other hand has the luxury of commenting on events that have passed, while Cramer does his best to predict the future. Cramer was right initially by stating Stewart has a comedy show - it is news and social commentating on COMEDY CENTRAL.

Jim

March 16, 2009 12:49 PM

I love watching Cramer because he's so entertaining. I've never used any of his advice to buy a stock because it's hard to trust a guy who nervously paces his studio acting like a mad man. I quit watching Jon Stewart, however, because although he is funny, it is a cynical, ugly funny that makes you feel dirty after watching him. I got tired of taking showers after his show. By the way, he isn't short on material because of Obama's eloquence and intelligence. He's just choosing not to highlight some of the ridiculous things that Mr. Teleprompter has said and done so far.

James H.

March 16, 2009 1:21 PM

Hindsight is 20/20...where was Jon Stewart before all of this happened? It's easy to sit back and comment on things that have already happened but he certainly didn't foresee the real issues any better than Jim Cramer, Ben Bernanke, or even the oracle himself-Warren Buffett. Jim Cramer has more knowledge of the market stored in his left nostril than most average investors store in their entire brain. Investing is not for those who lack intestinal fortitude...quit investing if you can't afford to lose it all. Mostly I just want the haters to quit their bit*@ing. If you start buying now at record lows you stand to make a fortune... as Warren Buffett said: "Be fearful when others are greedy, and greedy when others are fearful."

GEONEO

March 16, 2009 2:53 PM

Here is the truth Jon Stewart tried to lead all the common folks to. Always avoid the stock market.

Truth be told the criminals basking in Honolulu with our money will be back. They always are!

Never believe a word (from the stock market), never give a dime (to the stock market).

Erik

March 16, 2009 3:05 PM

CNBC really need to make some changes... If they don't, they should change their focus to opinion/commentary station (commenting on behalf of Wall Street and the Wealthy).

Marvin

March 16, 2009 4:12 PM

CNBC is definitely guilty of going easy on executives and well-known Wall Streeters. They knew more than they reported about the credit/financial crises.

Cramer is a blow-hard and left his listeners holding the bag.

Marvin

March 16, 2009 4:14 PM

Stewart was superb. He knew his subject and kept the upper hand throughout the debate.

Bill

March 16, 2009 4:50 PM

I really feel sorry for Cramer. At the end of the day he was just doing what his producers wanted him to do... crazy show to get more ratings which equals to more Ad revenue.
The people to blame is CNBC network execs and the show producers who make/break the entire news network. Cramer is just a puppet following orders.

Irene

March 16, 2009 4:53 PM

Stewart did a masterful job deflecting from the true culprits of the economic meltdown. It's too bad he uses his genius to incite hatred against CNBC and Cramer, the smaller fish in the sea, instead of attacking the barracudas who got us where we are. The seriousness of
Stewart's interview with Cramer is a sham considering Stewart fails to get down to serious business. That would be calling Alan Greenspan to task for one, for denying his part in the real estate bubble. Stewart should go back to being funny where at least we can be entertained rather than be fooled.

Robert P

March 17, 2009 2:44 AM

Some of you still missed Stewart's point. Your all focused on Cramer, bu Stewart damned not only the whole NBC network but also the whole investment community. This will not only bring down Cramer but CNBC as well. CNBC is stupid for keeping this story alive for so long. NBC should havce kept its mouth shut and not paraded every NBC affiliated commentator to take down Stewart. Joe from Morning Joe proved himself to be an absolute ass when he went out on the offensive against Stewart. For NBC, this is a PR blunder.

J Alabi

March 17, 2009 2:45 AM

Hi Karyn: in answer to your question, no, I don't think CNBC will change their programming, although I believe that they should. The Cramer/Stewart showdown was to teach us all two things. One, investing is serious business and one should educate oneself and be responsible for one's decisions and NOT rely solely on what you see on ANY financial news network or read about in ANY financial periodical (INCLUDING BusinessWeek). And two, journalists have the primary aim of learning the truth of a story and reporting it, fairly, accurately and honestly. They are beholden to the people as the Fourth Estate, and not to big business, government, or any one else. If journalists had done their jobs, and we as investors had done our homework, then perhaps, just perhaps, we would not be in the situation we currently are in.

J Alabi

March 17, 2009 5:39 AM

Thanks Karyn...I think that CNBC will keep on doing what they are doing, sadly. They don't get it. The point of what Jon Stewart did is: 1) journalists should return to what they are supposed to do which is to dig for the truth and inform the public of that truth, without fear or favor. Being the Fourth Estate of the Realm means that you are not beholden to big business, lobbyists, or even the government of the day: you are beholden to the people, and 2) as investors, we all should take responsibility for our actions and our self-education. We should all educate ourselves about what we want to put our money in, and depend solely on CNBC, Bloomberg, CNNfn, or BusinessWeek, for that matter.

Frank

March 17, 2009 8:36 AM

CNBC=FOX=MSNBC=CNN all trash, all entertainment, all need to find some serious journalists versus cheerleading reporters.

Sekura21

March 17, 2009 9:07 AM

This was another left-wing attack on a right-wing guy to try to take the heat off of Obama for spending like mad. Cramer criticized the administration not too long ago, so now its an all-out attack on him. What cheap, tawdry tricks the media and Obama are playing.

Ger Real

March 17, 2009 10:07 AM

Hmmm, I love all the people who blame CNBC for their losing money. Welcome to Ignorant America: Here we believe that which we are told without any supporting evidence. Hell, if it has to do with money, we blindly trust TV pundits and the government to look out for our best interest. If you took Cramer's advice then a fool should be parted from their money. Jon Stewart always thinks he has the moral high ground when in reality he rarely has anything to say for himself in a 'serious' fashion but attacks anyone else for believing anything that isn't in line with some more liberal policies. As for the CEOs, I’m glad this is all crashing them. It's long past due that capitalism sheds its baggage and those honest business owners and investors can move on without all this 'tweaking' of stock prices and get back to basics: Building a company.

John Davenport

March 17, 2009 10:28 AM

I think CNBC has already toned down its foolishness since the Cramer/Stewart thing. I've been sending them emails for months complaining that they're playing verbal table tennis with our financial problems. They've been treating as a game and entertainment. Kudlow and Francis have been especially stupid. They've applied no reason to their pronouncements, only right wing dogma. They ridicule far more intelligent and informed interviewees. As a trader, I just don't watch that much anymore after having it on all day for years.

Keith

March 17, 2009 11:03 AM

Stewart certainly called out Cramer, but Stewart is just diverting attention away from the real problem -- a dangerously bad "stimulus" package. Stewart is one of the most partisan celebrities. It's in his interest NOT to focus on the real culprits (tampering of the credit market by Democrats) and the piss-poor solution (more govt spending and higher taxes) being forced through by his favorite president.

RPM

March 17, 2009 11:17 AM

Just want to make sure I've got this right, Stewart evicerated Cramer over treating journalism as entertainment. Ok, now I've got it.

jw

March 17, 2009 11:30 AM

Jonathan
March 13, 2009 04:20 PM
WOW, So Cramer a week ago makes a comment that was negative about Obama and Jon Stewart decides to use a comedy show as revenge. That is very very scary people. The timing of this is obvious and sends a clear warning that if you oppose Obama or his policies and you are in the media, look out.
--------------------------------------------------
Typical paranoid republicon.

WALL STREET IS A PONZI SCHEME

Dave

March 17, 2009 1:01 PM

John Stewart backs up his opinions with facts. Whereas the entertainers at CNBC give us their hunches, gut feelings, and instincts. If you take those people seriously, you'll land up in the poorhouse.

G

March 17, 2009 1:14 PM

I greatly enjoyed the Stewart-Cramer imbroglio- but we should remember it is Jim "Cramer that is being interviewed, not the entire financial system of 'financial advisors and pundits.'"
Via Stock Research Portal (http://www.stockresearchportal.com)

aj

March 17, 2009 3:00 PM

OBAMA - even the Oracle of Omaha missed the housing bubble - Democrats have had CONGress for two years, yet its is neato to push "Bush" did it ---- Cramer is redeeming his former Democrat self by attacking Spend-Obama's plans.

vh

March 17, 2009 6:23 PM

Nation of whiners, whoever said that was correct. See the bunch of stupid people whining about Cramer. Any 5th grader or Yawn Stewart can claim to be Einstein after the facts. Cramer gives his opinion and sticks his neck. He is not forcing anyone to buy any stock. Do your homework before taking his opinion. YawnStewart hides like a turtle under his "I am just a comedian" shield. Anywone who likes his cheap crap comedy show in between cheap porn ads is a certified moron.

JP

March 18, 2009 12:06 AM

I just saw the replay of this and have to say it was pretty unfair to Cramer. Cramer should have said proudly and forcefully that he is doing his best with the information that he has, and that is all that can be expected. If any of these guys actually knew what was going to happen, they sure as heck wouldn't be sitting-duck pundits on tv. They would be multi billionaires living on some island. I think Jon Stewart just showed how little he actually knows about what goes on. Nobody can predict the future. Nobody can tell who is lying and who is not. Cramer is a freaking entertainer and nothing more. Anybody who believes more than that should not be investing in individual stocks.

bob

March 18, 2009 7:13 AM

A Nuclear Bomb could be dropping, and CNBC sees something positive in that. Meanwhile banks are imploding, we haven't touched the derivatives which equate in the trillions- ask J.P. Morgan what's on their books? Cramer statistically is wrong 75% of the time,
ex-Goldman Sachs boy, that explains it all, like Libby at AIG. Joe Kernan is like a boy with his new GED that doesn't work and the list goes on. Jon exposes the contraction of CNBC and lies and he is wrong? Now I know what is wrong with the United States...

Uninterested Bystander

March 18, 2009 11:50 AM

This is the soul of vapidity.

Neither of these "counterparties" is even good at their respective core endeavors.

Doesn't set a precedent within American entertainment, but still most embarrassing for us on the world stage.

James H.

March 18, 2009 3:31 PM

Amen JP, Amen! Anybody who based their portfolio solely on the words of a TV personality got what they had coming. These people proved that common sense is one of the least common things on the planet. Please do yourself a favor and Google "due diligence" before you buy anymore stock.

Words of Wisdom: "Be fearful when others are greedy and greedy when others are fearful."-Warren Buffett (in layman's terms: buy now at fear driven lows)

Karyn McCormack

March 18, 2009 3:37 PM

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Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money.
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